Q.Which type of insurance is NOT a strict contract of indemnity, since the subject-matter cannot be given a precise money value?

Most insurance contracts strictly limit recovery to the actual loss, but one major category departs from this because its subject-matter has no exact market price. …

A human life cannot be given a precise, objective money value the way property or cargo can, so Life Insurance is not treated as a strict contract of indemnity — the full sum assured is paid on the insured event (death within term, or maturity), regardless of the actual financial loss the family may have suffered. Fire, Marine and Motor Insurance (options a, b, c) are …

Assuming ALL insurance contracts, including life insurance, are contracts of indemnity — life (and personal-accident) insurance …